Debit Cards + Disbursements
Debit Cards
Accountholders receive a signature based MasterCard debit for convenience in making qualified healthcare purchases. You can choose to allow dependents on your account to have a debit card as well.
Your card and HSA account are regulated by the IRS, so IRS rules determine who can use the account and for what items and services. To make sure that your card is only used to purchase eligible items, the IRS requires most pharmacies and all general merchandise stores to install and maintain an inventory control system that can identify the eligibility of items at checkout. In most instances, your card transaction will be automatically verified at checkout, which means you will not have to submit a receipt to Sterling after the transaction. You should keep each receipt for tax purposes and in the event it is needed for verification that the expense was qualified under HSA rules. Sterling will scan and archive receipts for you, if you want this service.
If you use the card at a healthcare provider or pharmacy that does not have an IRS-approved inventory system, Sterling will likely require that you submit a receipt or your health insurance explanation of benefits (EOB) to verify that the transaction was for an eligible healthcare good or service.